Provides relevant, accurate and timely information which generates evidence about customer behavior.
Relevant – what information do we need to make a decision?
Accurate – measures drivers, influencers,-- correct respondents.
Timely -- point in time predicts or supports past and future events.
Information – collect data which addresses issues.
Market research is the systematic approach to segmenting customers by needs, values, characteristics, demographics and/or product use. The principal barrier to building customer satisfaction and value is an inability to recognize that different customer segments have different needs and priorities therefore, must be serviced differently.
Requires the gathering of specific reactions to your product or service. It is information collected for a specific purpose/project. It is used for measurement purposes.
Secondary Research -
Involves a close look at industry trends and information about what your market is doing. Refers to data that has been previously gathered for a purpose other than your project. It is like doing research in the library for a term-paper.
Quantitative Research -
Deals with numbers -- statistics and answers questions about now many, how much or how often.
Qualitative Research -
Deals primarily with the feelings and attitudes that drive behaviors.
Market Research Qualitative/Quantitative? % Great % Great % Great Good Poor Good Good Public Opinion OK Poor Good % Great % Great % Great % Great Behavior Good Poor % Great Good OK Good Good Pricing OK OK Poor OK Good % Great % Great Packaging OK Poor OK OK OK % Great % Great Media Good Good Good Good Good % Great Good Customer Retention Good OK % Great Good Poor Good Poor Customer Loyalty % Great % Great % Great Poor Poor % Great Poor Customer Satisfaction % Great % Great % Great Good Poor Poor Poor Demographics OK OK Poor OK Poor Good % Great Copy Testing % Great % Great % Great % Great Poor OK Poor Advertising Effectiveness % Great % Great % Great OK Good OK Good Brand Awareness Good Poor Poor % Great Good % Great % Great Features & Benefits % Great Good OK Poor Good Poor Poor % Great % Great % Great % Great New Product Concept Key On-line Mail Phone On-line Panels In-depth Interview On-site Focus Group Market Research Project Quantitative Survey — Census Qualitative